Friday,
June 23, 2023
Market recap
Dow Jones
33,946.71
-4.81 (-0.014%)
S&P 500
4,381.89
+16.20 (+0.37%)
Nasdaq
13,630.61
+128.41 (+0.95%)
Top Story
In a recent suit, the FTC likens Amazonâs (AMZN) Prime cancellation process to the 10-year-long Trojan War.
The lawsuit alleges Amazon uses deceptive Prime subscription practices, but the ecommerce denies the claims. How could this impact your online shopping experience?
US stocks were slightly mixed Thursday following Jerome Powellâs second testimony on Capitol Hill.
• In his testimony before the Senate Banking Committee, Powell said the decision to hold rates flat at the last meeting was intended to give the Fed more time to evaluate its progress. The Chairman added the Fed is nearing the end of its rate hike campaign, but still has further to go.
• The number of Americans filing for unemployment benefits was 264,000 in the week that ended May 6. This marks the highest reading since October 2021 and matches the upwardly revised numbers from the previous week. The four-week moving average, which removes week-to-week volatility, rose by 8,500 to nearly 256,000, reflecting the softening in the labor market.
• The Bank of England surprised markets by raising interest rates by 50 basis points. This latest attempt to tackle persistently high inflation takes the bank's policy rate to 5%. The move defied market expectations, which had priced in around a 60% chance of a 25-basis-point hike.
What to be on the lookout for today
• A few more Fed speeches and the S&P Global (SPGI) US composite for June are on the docket for today. In May, this business activity metric signaled the fastest expansion seen in more than a year, mainly driven by the service sector.
• CarMax (KMX) will round out the week with an update on its business. Notably, the car resellerâs revenue decreased by 26% last quarter to $5.7 billion. However, following a frenzy of used car buying during the pandemic and historically high prices in the secondary market, it makes for a tough year-over-year comparison.
64% of Americans think having a will is important, but only 34% of Americans have an estate plan.
This statistic highlights a significant gap in preparedness, indicating that the majority of individuals have not taken the necessary steps to protect their assets and ensure their wishes are fulfilled after their passing.
Estate planning is crucial for protecting your assets, preserving family harmony, making vital decisions, minimizing taxes, and providing for your loved ones. By taking the time to create a comprehensive estate plan, you can navigate the complexities of the future with confidence and peace of mind.
Join our webinar with Trust & Will to learn the importance of estate planning, how to choose the right path for you, and the documents youâll need to create. Save your seat!
Todayâs top stories
âFarm-to-tableâ chicken is so last year. Could âtest-tube-to-tableâ chicken be the future? The USDA extended approval for two lab-grown chicken companies to receive official inspections. Americans consume 8 billion chickens each year, and this could have a major impact on the industry, the planet, and your dinner plate. Read more >> This high-tech bagel isnât just a âhealthy part of a balanced breakfastâ â itâs a balanced breakfast all on its own. Itâs made by the startup BetterBrand, which just raised $6 million, grew 800% in one year, and is already on shelves at Whole Foods (AMZN), Sprouts (SFM), and 1,000 more. What is its secret recipe? Read more >> Having a real estate agent in your corner comes with benefits, but commissions can get pricey. Here are some things to consider when deciding to buy a house without an agent. Read more >>Not-so-breaking news
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United Airlines (UAL) plans to start sending hotel and meal vouchers straight to customersâ phones. This practice is intended to help with customer service bottlenecks during disrupted flights.
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Overstock.com (OSTK) agreed to buy Bed Bath & Beyondâs IP and digital assets for $21.5 million. This deal does not involve keeping the bankrupt retailer's stores open.
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According to an employee lawsuit, Twitter failed to pay tens of millions in employee bonuses following Elon Muskâs takeover. The class action suit was filed by Mark Schobinger, Twitterâs former head of compensation.
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Spirit AeroSystems (SPR) union workers voted to strike after rejecting the companyâs latest labor deal. The Boeing (BA) supplier halted production at its Wichita plant until an agreement can be reached.
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Hasbro (HAS) is reviving the Furby, the iconic 1990s toy. The furry friend will retail at $70 and roll into stores nationwide on July 15.
Financial planner tip of the day
âIn general, individuals should have 8-12 times their annual income in life insurance coverage. On average, term insurance costs 10% to 30% for the same amount as whole life, so one way to protect your family without breaking the bank is term insurance.â
Brian Walsh, CFPÂŽ at SoFi